IMF Staff Country Reports

Nordic-Baltic Regional Report: Technical Assistance Report-Nordic-Baltic Technical Assistance Project Financial Flows Analysis, AML/CFT Supervision, and Financial Stability

September 4, 2023

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Format: Chicago

International Monetary Fund. Legal Dept. "Nordic-Baltic Regional Report: Technical Assistance Report-Nordic-Baltic Technical Assistance Project Financial Flows Analysis, AML/CFT Supervision, and Financial Stability", IMF Staff Country Reports 2023, 320 (2023), accessed December 21, 2024, https://doi.org/10.5089/9798400252389.002

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Summary

This paper presents a regional report on Nordic-Baltic technical assistance project: financial flows analysis, Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) Supervision, and Financial Stability. The purpose of the project is to conduct an analysis of cross-border ML threats and vulnerabilities in the Nordic-Baltic region—encompassing Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden (the Nordic-Baltic Constituency or NBC)—and issue a final report containing recommendations for mitigating the potential risks. The financial flows analysis presented in this report is based on the IMF staff’s analysis of cross-border payments data. Six out of the eight Nordic-Baltic countries have seen an increase in aggregate flows since 2013. Monitoring cross-border financial flows provides countries with a deeper understanding of their external ML threat environment and evolving cross-border related risks they are facing. Leveraging broader analysis of ML/TF cross-border risk, the Nordic-Baltic countries should develop their own understanding of higher-risk countries reflecting country-specific ML/TF threats.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Correspondent banking, Crime, Financial sector policy and analysis, Financial sector stability, Financial services, Internal controls, International organization, Monetary policy, Revenue administration, Technology, Virtual currencies

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Baltics, Colleges participation, Correspondent banking, EU Anti-Money Laundering Authority, Financial sector stability, Global, Information Sharin, Internal controls, Supervisory cooperation, TF risk, TF risk assessment, Virtual currencies

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